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Home » New rise in Coronavirus cases globally weighed down on Base metals and Crude oil demand
Basemetal Crude & Natural Gas Full Mcx Gold & Silver

New rise in Coronavirus cases globally weighed down on Base metals and Crude oil demand

Crude Oil

 

 

A new rise in Coronavirus cases globally weighed down on Base metals and Crude oil on Thursday as infections around the world threatened to risk recovery in fuel demand just as major oil producers are set to raise output and Base metals crashed after making new highs in yesterday trading session and consumed half of its yesterday profits.

Today, traders should concentrate on the Advance GDP q/q along with Advance GDP Price Index q/q, Unemployment Claims, and Natural Gas Storage from the house of US which will impact on metal and Bullions segment. If the forecast figure match with the actual data then the possible impact are as follows:

USD 6:00 PM: Advance GDP q/q [{Previous (-5.0%)} {Expected (-34.5%)]. Forecast figure is negative for base metal while positive for Bullions.

USD 6:00 PM: Advance GDP Price Index q/q [{Previous (1.4%)} {Expected (0.0%)]. Forecast figure is negative for base metal while positive for Bullions.

USD 6:00 PM: Unemployment Claims [{Previous (1416K)} {Expected (1440K)]. Forecast figure is negative for base metal while positive for Bullions.

USD 8:00 PM: Natural Gas Storage [{Previous (37B)} {Expected (25B)]. Forecast figure is positive for Natural gas price.

 

Technical Levels of Major Commodities

Gold (Oct)

Yesterday, we recommended buying in Gold above 52900 for the upside targets of 53300—53500 levels, it made a high of 53429 and our initial target achieved successfully.

Now, what to expect??

Gold has its support at 52500 and resistance at 52950.

Wherever it breaks and sustain will decide the further direction of Gold.

Till then trade within the range and wait for the confirmation.

 

Silver (Sep)

Silver has its immediate support at 61900 and resistance at 63900.

Break and sustain below 61900 will take it to 59900—59000 levels or else it could test its resistance again.

Fresh buying will do above 63900.

Trade with the levels only.

 

Crude oil (Aug)

Crude oil has its support at 3030 and resistance at 3100.

Break and sustain below 3030 will take it to 2950—2900 levels or else it could test its resistance again.

Fresh buying will do above 3100.

Trade with the levels only.

 

Natural Gas (Aug)

Natural gas has its support at 141 and resistance at 145.50.

Break and sustain above 145.50 will take it to 150—152 or else it could test its support again.

Fresh selling will do on a close below 141.

Trade with the levels only.

 

Copper (Aug)

Support at 504 and resistance at 508.

Break and sustain below 504 will take it to 500—498 levels or else it could test its resistance again.

Fresh buying will do above 508.

Trade with the levels only.

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